Morgan Stanley Begins Coverage on Varonis Systems (NASDAQ:VRNS)

Analysts at Morgan Stanley initiated coverage on shares of Varonis Systems (NASDAQ:VRNS - Get Free Report) in a research note issued to investors on Tuesday. The brokerage set an "overweight" rating on the technology company's stock.

VRNS has been the topic of a number of other reports. Piper Sandler reduced their price target on shares of Varonis Systems from $55.00 to $50.00 and set a "neutral" rating on the stock in a research report on Monday, January 6th. Needham & Company LLC reiterated a "buy" rating and set a $67.00 price target on shares of Varonis Systems in a research report on Wednesday, February 5th. Jefferies Financial Group reduced their price target on shares of Varonis Systems from $60.00 to $50.00 and set a "hold" rating on the stock in a research report on Thursday, December 19th. Citigroup reduced their price target on shares of Varonis Systems from $57.00 to $46.00 and set a "neutral" rating on the stock in a research report on Friday, January 17th. Finally, Cantor Fitzgerald assumed coverage on shares of Varonis Systems in a research report on Thursday, January 9th. They set an "overweight" rating and a $60.00 price target on the stock. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.38.

Varonis Systems Price Performance

VRNS traded down $0.54 on Tuesday, reaching $41.00. The company had a trading volume of 2,415,345 shares, compared to its average volume of 1,408,236. The business has a 50 day simple moving average of $43.05 and a 200 day simple moving average of $48.69. The company has a market cap of $4.61 billion, a price-to-earnings ratio of -47.67 and a beta of 0.85. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.24 and a current ratio of 1.24. Varonis Systems has a 52-week low of $39.11 and a 52-week high of $60.58.

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Varonis Systems (NASDAQ:VRNS - Get Free Report) last announced its earnings results on Tuesday, February 4th. The technology company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of $0.14 by ($0.24). Varonis Systems had a negative net margin of 17.38% and a negative return on equity of 20.35%. As a group, sell-side analysts anticipate that Varonis Systems will post -0.83 EPS for the current year.

Varonis Systems announced that its board has authorized a stock repurchase plan on Monday, February 10th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Institutional Trading of Varonis Systems

Several large investors have recently added to or reduced their stakes in the stock. Quarry LP purchased a new position in Varonis Systems during the fourth quarter valued at $36,000. Johnson Financial Group Inc. bought a new stake in Varonis Systems in the 4th quarter worth about $61,000. Transce3nd LLC bought a new stake in Varonis Systems in the 4th quarter worth about $62,000. New Age Alpha Advisors LLC bought a new stake in Varonis Systems in the 4th quarter worth about $70,000. Finally, Pacer Advisors Inc. grew its stake in shares of Varonis Systems by 29.5% during the 4th quarter. Pacer Advisors Inc. now owns 2,645 shares of the technology company's stock valued at $118,000 after purchasing an additional 603 shares during the period. Institutional investors own 95.65% of the company's stock.

Varonis Systems Company Profile

Varonis Systems, Inc provides software products and services that allow enterprises to manage, analyze, alert, and secure enterprise data in North America, Europe, the Middle East, Africa, and internationally. Its software enables enterprises to protect data stored on premises and in the cloud, including sensitive files and emails; confidential personal data belonging to customers, and patients and employees' data; financial records; source code, strategic and product plans; and other intellectual property.